Re: How to deal with RRSP's (Canada)

Greetings All, Like many of you, I am not an accountant and I do not have a compelling reason to be precisely accurate to GAAP other than yielding to my OCD. I am a US citizen so I am subject to US IRS tax code as well as state and local taxes. When I was actively employed and contributing to

Re: How to deal with RRSP's (Canada)

Michael, Because of your experience and knowledge, I was really hoping you’d weigh in with insight on the question of how to report a disbursement from one of these common retirement vehicles as income, rather than a transfer between assets. How would you recommend tracking money that is

Re: How to deal with RRSP's (Canada)

On 1/5/2018 1:05 AM, David T. via gnucash-user wrote: David— I see where you are coming from on this. For reference, I accept your 5 assumptions; I believe they are accurate for many US retirement accounts as well. . I guess, from a philosophical perspective, the question really is:

Re: How to deal with RRSP's (Canada)

David— I see where you are coming from on this. For reference, I accept your 5 assumptions; I believe they are accurate for many US retirement accounts as well. The Income/Equity splits in Cam’s example are a mechanism that allow distributions to appear as income on reports, without

Re: How to deal with RRSP's (Canada)

Cam, I have been giving a bit of thought to the way one might account properly for Retirement funds. I am not sure how your CRA asks for information about income from your RRIFs. In Australia, I have specific questions in the tax return dialog at which I have to record the income from such funds

Re: How to deal with RRSP's (Canada)

On 3 January 2018 at 22:11, Cam Ellison wrote: > >> The examples I used were (perhaps over-) simplifications. In practice, I > actually have a number of stocks and money market accounts within two RIFs, > like so: > > Assets:investments:RIF:Stock1 >

Re: How to deal with RRSP's (Canada)

On 03/01/18 04:36 PM, Matthew Pounsett wrote: I am not an accountant.. or even a bookkeeper.. but here's how I deal with RRSPs. For me, the RRSPs have been converted to Income Funds, but the principle and procedure are still the same. Contribution is straightforward: from a Current Asset

Re: How to deal with RRSP's (Canada)

I am not an accountant.. or even a bookkeeper.. but here's how I deal with RRSPs. > >> For me, the RRSPs have been converted to Income Funds, but the principle > and procedure are still the same. Contribution is straightforward: from a > Current Asset account to the RRSP, like this: > >

Re: How to deal with RRSP's (Canada)

On 02/01/18 06:52 PM, DaveC49 wrote: Larry If your withdrawals from the RRSP are taxable on withdrawal then I think your approach of using two files recording transfers to your bank account from the RRSP as Expenses in the RRSP account and Income in your main accounts should work fine as it

Re: How to deal with RRSP's (Canada)

Victor, Dave, Thanks for your help. At this point my file is not very large and my new RRSP file will be quite small, so I think I will give this approach a try. Larry On 01/02/18 06:08 PM, "R. Victor Klassen" wrote: > > > > > > I kind of like your approach - thus

Re: How to deal with RRSP's (Canada)

Larry If your withdrawals from the RRSP are taxable on withdrawal then I think your approach of using two files recording transfers to your bank account from the RRSP as Expenses in the RRSP account and Income in your main accounts should work fine as it will satisfy the accounting equation in

Re: How to deal with RRSP's (Canada)

The remaining unanswered question, which I think is part of the original question, is what to do about withdrawals being treated as taxable income? For those in the US, an RRSP is roughly equivalent to an (non-Roth) IRA. Contributions are tax deductible, earnings are tax-deferred; withdrawals

Re: How to deal with RRSP's (Canada)

Larry, I'm not familiar with the details of RRSP accounts in Canada so any comments here are general in nature and not taken as accounting advice per se. If it is a retirement savings account you would treat it as an Asset. Depending upon the conditions associated with withdrawal of funds from